U.S. gasoline prices edge lower after hitting record high last week
By Stephanie Kelly
NEW YORK (Reuters) – U.S. gasoline costs on the pump edged decrease over the weekend after reaching all-time highs final week following Russia’s invasion of Ukraine.
Retail gasoline costs fell for the second straight day on Sunday to $4.325 per gallon, beneath a report of $4.331 hit on Friday, in keeping with American Car Affiliation knowledge. Russia’s invasion of Ukraine in late February has roiled power markets worldwide since, bringing dearer gasoline prices to motorists who’ve additionally been hit by larger inflation.
Oil markets have been risky not too long ago. International benchmark Brent crude futures rose to $139.13 per barrel final Monday, the very best since 2008. They then plummeted to as little as $105.60 per barrel on Wednesday.
Graphic – U.S. gasoline pump costs regular at report excessive: https://graphics.reuters.com/UKRAINE-CRISIS/USA-GASOLINE/mopandbkbva/chart.png
“It seems for now that retail costs have caught as much as the rise and oil and are actually falling on the massive drop in oil that occurred on Wednesday and Thursday,” mentioned Patrick De Haan, head of petroleum evaluation at GasBuddy.
“Nonetheless, there could also be slight will increase down the street if oil costs edge larger.”
Analysts think about $4 a gallon to be a psychological set off for customers filling up on the pump that leads to value issues for motorists.
Final week, many U.S. and Canadian motorists have been already pondering of how to chop different bills to pay for gasoline.
Graphic – A giant change from a 12 months in the past: https://graphics.reuters.com/UKRAINE-CRISIS/USA-GASOLINE/dwvkrlqeepm/chart.png
Even with costs edging down, client sentiment is unlikely to rise, mentioned Devin Gladden, AAA’s supervisor for federal affairs.
“Shoppers are wanting on the long-term affect, which goes to be an costly summer season.”
(Reporting by Stephanie Kelly; Enhancing by Richard Chang)
